Chapter 13 Plan’s for Small Business
The Chapter 13 debt Consolidation PLAN for small business works similar to the Chapter 13 debt Consolidation PLAN for Individuals. Generally a small business consolidates all the bills it has and the bills of the owner(s) as well, into the Chapter 13 debt Consolidation PLAN. This allows the business and the owner(s) to significantly lower the business’ and the owners’ overall combined payments to an amount that they can afford. Then the business and the owner(s) only make one (1) significantly lower, interest-free monthly payment that the business and the owner can afford. This in turn allows the business and the owner(s) to continue in business. When a small business is a sole proprietorship, as most are, then the C13-PLAN™ works the same as C13-PLAN™ for individuals, except that we include the debt the business has as well as the debt of the individual owner(s). (See C13-PLAN™ for individuals.)
Special attention has to be paid to small businesses that are incorporated. Once a small business gets legal incorporation status, it becomes a separate legal entity from the individual or owner(s) of the small business. For example, a subchapter S corporation, a regular C corporation, and an L.L.C. are all separate legal entities apart from the owner(s) of the small business. When this is the case, you may have to consider filing a bankruptcy for the corporation itself (i.e. alone) or simply filing a bankruptcy for the individual owner(s) alone, or both. There are too many alternatives as to what is the proper plan of action when small businesses are incorporated. At your free initial, no obligation – confidential consultation, we will discuss with you all the options available as well as what is the best plan for you and your situation.
The Procedure (i.e. Process) of how the C13-PLAN™ for small business works; Seven (7) Easy Steps.
“At the end of every Seventh (7) year you are to Cancel the debt of those who owe you money.” Deuteronomy 15:1
Step one (1): Call to set up your Free Initial, No Obligation – Confidential Consultation.
Call our office direct at (210) 229-2067 and set up your free initial, no obligation – confidential consultation. At your scheduled Initial meeting, we will discuss with you the details of your proposed C13-PLAN™ for small business. If you like the C13-PLAN™ for small business, then our office will give you a different appointment to review and sign the C13-PLAN™ for small business.
Step Two (2): Easy Phone/Internet Credit Counseling and Signing of the C13-PLAN™ for Small Business***
At your second appointment at our office, you and your attorney will review all the information and make any changes needed. You and your spouse, if any, will sign the C13-PLAN™ for small business. At this point, if you haven’t already done so you will need to do an easy phone/internet credit counseling session that is required before we can file your C13-PLAN™ for small business. Once the easy phone/internet credit counseling is done, our office will receive a certificate acknowledging that you have completed the easy phone/internet credit counseling. At this point we are ready to file your C13-PLAN™ for small business with the court. The date we choose to file your C13-PLAN™ for small business will be discussed with your attorney. If it is decided for some reason that we will not file the C13-PLAN™ for small business until some later time in the month, you will not have to return to our office. We will file the signed C13-PLAN™ for small business when that mutually agreed date comes. Then we send a copy notice to you, the court, the trustee, and all your creditors so they can immediately stop harassing you and your small business.
Step Three (3): Easy Financial Management Seminar***
Once your C13-PLAN™ for small business is filed, the federal court will issue an automatic stay immediately (an order, stopping all your creditors from taking any further collection efforts or legal action against you, and your small business including foreclosure or vehicle repossessions). Soon after filing the C13-PLAN™ for small business, the trustee will then set a date to conduct an easy financial management seminar and a meeting of creditors or 341. These meetings usually take place on the same day on a Wednesday about one (1) month after we file your case.
This easy financial management seminar is required but is provided to you and your small business free of charge by the C13-PLAN™ trustee. It is held in the morning on the same day set for the meeting of creditors or 341 meeting. (see Step Four (4) below). The easy financial management seminar lasts about three (3) hours from 9:00 am to 12:00 pm and is always held on a Wednesday at 909 N.E. Loop 410, Ste. 400 San Antonio, TX. 78209, (210) 824-1460. At this meeting, you will discuss the process of a C13-PLAN™ for small business case administration as well as easy personal money management steps that you and your small business can implement in order to get your financial health back of tract. Like the easy phone/internet credit counseling, you will be given a certificate that will be delivered to our office for safe keeping.
Step Four (4): Attend the Meeting of Creditors or 341 with Your Attorney.
After lunch at about 1:30 pm on the afternoon on the same Wednesday that the C13-PLAN™ trustee sets for the easy financial management seminar, you will attend a required but informal meeting called a meeting of creditors or a 341 with your attorney. The name is deceiving because in practice most often (about 99% of the time) no creditors show up so the meeting is usually just between you, your attorney and the trustee. These meetings usually take place about one (1) month after we file the C13-PLAN™ for small business for you. The trustee will ask you a few questions to verify the information you put in your C13-PLAN™ for small business. The meeting once you are called is very fast, usually about ten (10) minutes. However for personal and work purposes, you will need to reserve the whole day on this Wednesday since we don’t know exactly when they will call you during the afternoon hours. The trustee picks the names at random so if you are so blessed, you may get to leave earlier that afternoon.
Step Five (5): Business Questionnaire and your Attorney Attends the Confirmation Hearing
Since your case is a small business, the trustee may require you to complete a small business questionnaire that needs to be completed before your C13-PLAN™ for small business may continue.
After the 341 meeting, a date is set for a hearing called the confirmation hearing. At this hearing, the trustee and your attorney will determine if all the needed information is included and check to see if the questionnaire is completed in your C13-PLAN™ for small business. Then the judge will approve or allow the C13-PLAN™ for small business to go forward, otherwise known as confirming your C13-PLAN™ for small business. Your presence at the confirmation hearing is usually not required (only about 1% of our clients ever have to attend). Our office will notify you if indeed you would need to attend this hearing with your attorney.
Step Six (6): Continue to Provide your Significantly Lower, Interest-Free Monthly Payment to the Trustee.
At this point, simply continue to provide your lower, interest-free monthly payment to the trustee. While you continue to pay your lower, interest-free monthly payment you continue to enjoy the automatic stay (i.e. protection from creditor harassment) since the C13-PLAN™ for small business continues under the supervision and protection of the bankruptcy court.
Step Seven (7): Discharge Order, Referrals and Recommendations
Once you complete your C13-PLAN™ for small business (i.e complete your agreed payments), the federal court will issue an order called a discharge. This discharge order is very important since it will protect you and your small business, including all your family and children from creditors ever seeking to collect any debt balance that was legally eliminated or bills that were forgiven as a result of your C13-PLAN™ for small business filing. Our office will send you a copy of your discharge order for your secured safe-keeping. At this point, congratulations are in order since you have completely eliminated your debt and have achieved financial freedom for you and your small business.
If you liked our services and treatment toward you and your family, we respectfully ask that you refer and/or recommend us to all your friends and family who may also need the benefit of our debt relief services. Tell them to call our free twenty-four (24) hour automated phone line at (210) 213-7526 to learn more on how they too, may eliminate their debt and Get a Financial Fresh Start.™
Remember we are always here at your service. Thank you for allowing us, The Vasquez Law Firm, the opportunity and the privilege to serve all your debt relief needs and may God bless you.
Respectfully, Ruben E. Vasquez, Esq., Bankruptcy Attorney at Law
How to get Started?
It is very easy to get started. Call our office direct at (210) 229-2067 and set up your free initial, no obligation – confidential consultation. Then we’ll take it from there. We will sit down with you in private and show you exactly how the plan works in order to allow you to make an informed decision. We promise to help you find a plan that is best for you and your family. (See our Ten Point Promise.) Thank you for allowing The Vasquez Law Firm, the opportunity and the privilege to serve all your debt relief needs.
We can help bring you peace of mind.
*** A debtor (i.e. Individual and/or small business) may be exempt from having to complete the easy phone/internet credit counseling and/or the easy financial management seminar if the debt is mostly business debt and not consumer debt. We will be glad to discuss the requirement(s) for you and your small business at your free initial, no obligation – confidential consultation.
Incorporated small businesses that file a Chapter 7 PLAN are exempt from having to complete the easy phone/internet credit counseling and the easy phone/internet financial management seminar. Your attorney will be glad to discuss the requirement(s) for you and your small business at your free initial, no obligation – confidential consultation.